Scotland eyes wealth management growth
Scotland is looking to lure more wealth management firms north of the border in a bid to create some high-end banking jobs. So far this year, it seems to have been relatively successful in this sector anyway.
The Scottish government is hoping that Edinburgh and Glasgow can compete with other financial centres in the Middle East and Europe in attracting wealth management firms. Alex Salmond told Bloomberg that the SNP administration is now pursuing "a number of wealth management possibilities".
"I think Scotland's reputation and even more importantly performance will have been re-established over the next few years," he said.
It would, of course, be easy to dismiss this as wishful thinking, but a number of firms have either kick-started operations or expanded in Scotland in the last couple of months.
Boutique firm Ruffer Investment Management started its Edinburgh office in September, which will be lead by Hamish Baillie, and Brook MacDonald has poached three former Adam & Co employees - Gareth Howlett, Robin McAdam and Alastair Wilson - for its new office in the Scottish capital.
Last week, Kleinwort Benson announced that it had hired Chris Arbuthnott as it continues to expand its Scottish office.
Barclays Wealth, Rensburg Sheppards and Williams de Broë were all recruiting in Edinburgh last year.
"It's a very big growth market in Scotland, and a lot has been done to drive the industry in a more dynamic direction," says Cath Tillotson, partner, head of research at wealth management consultancy Scorpio Partnership. "It's a long way from London, so it makes sense for wealth managers to develop a regional presence. However, some large firms have entered the Scottish market and then retrenched. People want to see commitment north of the border."
